The Monetary Authority of Singapore (MAS) has granted in-principal approvals to three virtual asset service providers (VASPs), including Crypto.com, bringing the total number of legal players in the country to around 14.
רעפּאָרץ confirmed on Wednesday that cryptocurrency exchange Crypto.com, digital currency broker Genesis, and digital asset trading platform Sparrow received the approvals.
Crypto.com chief executive and co-founder Kris Marszalek said in a company release: “MAS sets a high regulatory bar that cultivates innovation while protecting consumers, and their in-principle approval of our application reflects the trusted and secure platform we have worked diligently to build.”
The development comes on the backdrop of a broader crypto market weakness and tightening regulatory rules for retail traders in Singapore.
דעפּיוטי פרעמיער מיניסטער הענג סווי קיט האָט געזאָגט, "קריפּטאָ אַסעץ האָבן לעצטנס געווען אין די פּרויעקטאָר פֿאַר די אומרעכט סיבות. דאָס, אָבער, ניט פאַרטראַכטנ זיך ווו די גרעסטע ווערט פון בלאַקכייוואַן און דיגיטאַל אַסעץ ליגט, פיל פון וואָס איז אַוועק פון די לאַכאָדימ גלער.
Earlier in January, MAS had issued guidelines to דיסקערידזש cryptocurrency trading by the general public.
"MAS האט קאַנסיסטאַנטלי געווארנט אַז טריידינג DPTs איז העכסט ריזיקאַליש און נישט פּאַסיק פֿאַר די אַלגעמיינע ציבור, ווייַל די פּרייסאַז פון DPTs זענען אונטערטעניק צו שאַרף ספּעקולאַטיווע סווינגס," דער רעגולאַטאָר האט באמערקט.
That said, Singapore also aims to become a crypto front runner in the ‘medium-term,’ while overseeing the virtual asset sector. And the nation-state doesn’t seem to be discouraged by the popularity that Dubai has gained as a crypto destination over time.
‘Blockchain over Bitcoin’ for MAS
MAS’ Alvinder Singh had previously סטייטיד that “To think that we want to be a crypto hub like some countries that have oil and all that, overnight, no. That is not our objective at all. It is a medium-term objective, doing it responsibly, feeling our way around the זאַמד, "
Furthermore, Heng Swee Keat’s recent statement specifies that the Asian country is looking to explore the blockchain space, beyond just crypto assets. The official said, “There is thus much that we can explore using blockchain technology to improve efficiencies, accessibility, and affordability of cross-border transactions,”
Previously, he had also רימאַרקט that Singapore remains “keen to work with blockchain and digital asset players to encourage innovation, and build up trust in the sector.”
That said, MAS מודיע the commencement of Project Guardian last month. The regulator had stated, “Project Guardian will test the feasibility of applications in asset טאָקעניזאַטיאָן און דעפי while managing risks to financial stability and integrity.”
Meanwhile, the watchdog partnered with DBS Bank Ltd., JP Morgan, and Marketnode to launch a pilot for the project and test a permissioned liquidity pool comprising tokenized bonds and deposits.
אָפּלייקענונג
אַלע די אינפֿאָרמאַציע קאַנטיינד אויף אונדזער וועבזייטל איז ארויס אין גוטן אמונה און בלויז פֿאַר אַלגעמיינע אינפֿאָרמאַציע צוועקן. קיין אַקציע וואָס די לייענער נעמט אויף די אינפֿאָרמאַציע געפֿונען אויף אונדזער וועבזייטל איז שטרענג אויף זייער אייגן ריזיקירן.
Source: https://beincrypto.com/crypto-com-vasps-receive-mas-approval-singapore/